Annual report pursuant to Section 13 and 15(d)

Related Parties Transactions (Tables)

v3.8.0.1
Related Parties Transactions (Tables)
12 Months Ended
Dec. 31, 2017
Related Party Transaction [Line Items]  
Schedule of prepaid expenses - related party
    December 31,
2017
    December 31,
2016
 
Prepaid miscellaneous items to PT. Avona Mina Lestari (1)   $        -     $ 522,337  
    $ -     $ 522,337  

 

(1) PT. Avona Mina Lestari is an affiliate company controlled by Xinrong Zhuo family.
Schedule of other receivable - related party
    December 31,
2017
    December 31,
2016
 
Advance to Zhiyan Lin (1)   $                  -     $ 639,917  
    $ -     $ 639,917  

 

(1) Zhiyan Lin is the legal representative of Pingtan Fishing and a family member of the Company’s CEO.
Schedule of accounts payable - related parties
Name of related party   December 31,
2017
    December 31,
2016
 
Hong Fa Shipping Limited (3)   $ 1,231,692     $ 1,740,000  
Hong Long (1)     572,006       805,930  
Huna Lin (2)     -       14,320  
Hai Yi Shipping Limited (3)     -       510  
    $ 1,803,698     $ 2,560,760  

 

(1) Hong Long is an affiliate company majority owned by a close family member of the Company’s CEO.
(2) Huna Lin is Zhiyan Lin’s daughter.
(3) An entity controlled by the Company’s CEO.
Schedule of accrued liabilities and other payables - related party
Name of related party   December 31,
2017
    December 31,
2016
 
Hong Long   $ -     $ 18,147,152  
Hai Yi     38,208       -  
    $ 38,208     $ 18,147,152  
Schedule of due to related parties
    December 31,
2017
    December 31,
2016
 
Accrued compensation for Roy Yu, Chief Financial Officer   $ 20,000     $ 40,000  
Accrued compensation for Xinrong Zhuo     3,328       3,354  
Advance from Xinrong Zhuo, Chief Executive Officer     4,325,365       -  
    $ 4,348,693     $ 43,354
Schedule of purchases from related parties
    Year Ended December 31,  
    2017     2016     2015  
Purchase of fuel, fishing nets and other on-board consumables                  
from Hong Fa Shipping Limited   $ 6,560,972     $ 15,636,809     $ 11,328,966  
from Hai Yi Shipping Ltd.     2,246,251       8,853,657       4,739,278  
from Haifeng Dafu Enterprise Co., Ltd.     -       941,778       11,116  
from PT. Dwikarya Reksa Abadi     -       -       1,414,640  
from PT. Avona Mina Lestari     841,288       -       1,276,049  
from Fuzhou Honglong Ocean Fishery Co., Ltd.     6,820,539       -       -  
      16,469,050       25,432,244       18,770,049  
Purchase of vessel maintenance service                        
from PT. Avona Mina Lestari     1,450       674,360       6,529,495  
from PT. Dwikarya Reksa Abadi     -       -       3,207,011  
      1,450       674,360       9,736,506  
Purchase of transportation service                        
from Fuzhou Honglong Ocean Fishery Co., Ltd.     819,956       39,622       177,567  
from Hai Yi Shipping Limited     -       -       305,686  
from Hong Fa Shipping Limited     280,168       -       -  
      1,100,124       39,622       483,253  
Purchase of Indonesia vessel agent service                        
from PT. Avona Mina Lestari (1)     -       -       2,317  
    $ -     $ -     $ 2,317  

 

(1) PT. Avona Mina Lestari and PT. Dwikarya Reksa Abadi act as Pingtan Fishing’s agents to apply and renew Indonesia fishing licenses and Pingtan Fishing pays the agent service fees to them.
Ping Lin [Member]  
Related Party Transaction [Line Items]  
Schedule of future minimum rental payment required
Year Ending December 31:   Amount  
2018   $ 7,257  
Hai Yi Shipping Limited [Member]  
Related Party Transaction [Line Items]  
Schedule of future minimum rental payment required
Year ending December 31:   Amount  
2018   $ 76,610